Just Eat Takeaway.com has further consolidated its position in the global delivery market by buying US company Grubhub for $7.3bn (£5.74bn).
The deal creates the world’s largest online food delivery company outside of China, measured by gross merchandise value and revenues.
The transaction sees Just Eat Takeaway.com enter online food delivery in the United States and builds on its recent merger with Just Eat.
The combined group will operate in 25 countries, in four of the most profitable markets in the world: the US, UK, Netherlands and Germany.
Matt Maloney, CEO and founder of Grubhub, will join the Just Eat Takeaway.com management board and lead the combined group’s businesses across North America.
Subject to the approval of shareholders and competition conditions, the transaction is anticipated to complete in the first quarter of 2021.
Jitse Groen, CEO and founder of Just Eat Takeaway.com, said: “Matt and I are the two remaining food delivery veterans in the sector, having started our respective businesses at the turn of the century, albeit on two different continents. Both of us have a firm belief that only businesses with high-quality and profitable growth will sustain in our sector. I am excited that we can create the world’s largest food delivery business outside China. We look forward to welcoming Matt and his team to our company and working with them in the future.”
Maloney added: “Combining the companies that started it all will mean that two trailblazing start-ups have become a clear global leader. We share a focus on a hybrid model that places extra value on volume at independent restaurants, driving profitable growth. Supported by Just Eat Takeaway.com, we intend to accelerate our mission to be the fastest, best and most rewarding way to order food from your favourite local restaurants in North America and around the world. We could not be more excited.”
